When a member with 70 % shares decides to liquidate a close corporation, what happens to the other members that have 10 % shares each? Does the majority shareholder liquidate the company on his own without consulting the other 3 members? Does the other 3 members have to sign off on the liquidation? Will all staff be retrenched and contracts cancelled or should the staff be reinstated under a new company name?

Category:  Business Matters, Closing a Company

Region: South Africa, KwaZulu-Natal